2nd Nine Weeks Exam 24-25

Front

What is ‘specialization’?

Back

Producing goods a country can make most easily so that they can trade for goods that they can’t produce locally

Front

Saudi Arabia specializes in the production of: Oil and olives, Olives and grapes, Oil and natural gas, Livestock

Back

Oil and natural gas

Front

In a traditional economy, how are economic decisions made?

Back

Customs and traditions

Front

What is the definition of Gross Domestic Product (GDP)?

Back

The total value of all the goods and services a country produces in a year

Front

Tariffs and quotas are alike because they both __________________.

Back

restrict or limit trade between countries.

Front

A person who takes risks by starting a new business is known as a(n):

Back

Entrepreneur

Front

What 3 economic questions must be asked by a country?

Back

What to produce, how to produce, and for whom to produce?

Front

What is assimilation?

Back

Giving up one's customs for someone else's

Front

Why did Europeans first become interested in Africa?

Back

New trade routes/ avoid taxes

Front

What is assimilation?

Back

Giving up one's customs for someone else's